Common use of No Release of Material Covenants or Obligations Clause in Contracts

No Release of Material Covenants or Obligations. The Borrower will not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as provided in the Basic Documents. Except as otherwise permitted in any Basic Document, the Borrower will not amend, modify, waive, supplement, terminate or surrender the terms of any Collateral or any Basic Document without first obtaining the consent of the Lender and the consent of each Exchange Noteholder and the Registered Pledgee, if any, materially adversely affected thereby.

No Release of Material Covenants or Obligations. The Borrower Borrowers will not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as provided in this Agreement and the other Basic Documents. Except as otherwise permitted in any Basic Document, the Borrower Borrowers will not amend, modify, waive, supplement, terminate or surrender the terms of any Collateral or any Basic Document without first obtaining the consent of the Lender Lender, and the consent of each Exchange Noteholder and the Registered Pledgee, if any, materially adversely affected thereby.